What would happen if Bitcoin became a legal currency?

[Nazaneen]

This surely tend will be increase the number of people using bitcoin, many companies receive bitcoin payments, and maybe even some colleges will provide a course on the development of internet technology that talks about bitcoin. Seems that's what happens if bitcoin is legalized in a country where I live. The point is definitely a country that has legalized bitcoin, bitcoin will be more popular and more closer to the community and the government will definitely provide the service agency that regulates / controls on using of bitcoin like in Japan.

According to me if that happened the face of world will got change and a lot of people’s problems will solves but the thing is bitcoin is illegal and that’s why people hope and pray that bitcoin become legal and they get profit from it for their future and their life. But I know one day that will happened must and people lives will change and earth will become full of happiness from everywhere.

[1715472210]

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[meanwords]

In my opinion the price would pump up because if it becomes a legal currency, alot of people would adopt it, it will become known to other places and it would attract more investors to put their money in it.

[yanlap]

In my opinion the price would pump up because if it becomes a legal currency, alot of people would adopt it, it will become known to other places and it would attract more investors to put their money in it.

It is true that the bitcoin is going to be the legal currency in a lot of the countries and they are giving the profit and the high income as compare to the other sites and the web sites so be the bitcoin user and get the high income because in a lot of the countries the bitcoin has become legal already and I am making the high income from the bitcoin to be the rich and the well settled person.

[Pumapipa]

Everyone would like the bitcoin is accepted in all online and real stores and, as as mentioned in the title, what would happen if Bitcoin became a legal currency?

Bro, Bitcoin is legal.it is just that its popularity is starting to spread all over the world. Well if it be utilized and recognized as a currency, I think people will start trading goods and services using it. Banks all over the world will face a tough competition in the form of Bitcoin. Bitcoin will be used a means of loan for people who might need one. Bitcoin will dominate the digital world because it can be also a means for salaries and wages.

[KingdomHearts]

If bitcoin becomes a legal currency,then definitely its user volume would go very high and also its rate would go very high as its demand increases.People would gain more confidence in buying bitcoins.Retailers would come forward to accept bitcoin as payment.In japan,after legalization,we saw thousands of retailers started to accept bitcoin payments.

Bitcoin would even become familiar to unknown people.But,if it gets legalized,then surely it would be taxed by government and we could no more enjoy tax free income from  bitcoin.

No doubt about it. Most people are scared and skeptical of what becomes of bitcoin if it gets banned or declared illegal mostly in their countries. However, seeing the other way round of country legalizing it will first and foremost generate awareness and then make the fearful ones be more relaxed at making use of their currency for their daily use if they wish, hence, the high demand.

[Krikke]

If bitcoin becomes a legal currency,then definitely its user volume would go very high and also its rate would go very high as its demand increases.People would gain more confidence in buying bitcoins.Retailers would come forward to accept bitcoin as payment.In japan,after legalization,we saw thousands of retailers started to accept bitcoin payments.

Bitcoin would even become familiar to unknown people.But,if it gets legalized,then surely it would be taxed by government and we could no more enjoy tax free income from  bitcoin.

No doubt about it. Most people are scared and skeptical of what becomes of bitcoin if it gets banned or declared illegal mostly in their countries. However, seeing the other way round of country legalizing it will first and foremost generate awareness and then make the fearful ones be more relaxed at making use of their currency for their daily use if they wish, hence, the high demand.

I think most people just don't know how to get access to Bitcoin and how the payment system with Bitcoin works. I do believe that Bitcoin can become (already is) a world currency. But if you look on how the euro was introduced to replace all national currency units in the euro-zone you know it is going to be a bumpy ride. Bitcoin will also not be "forced" to the people as what had been done with the euro, so I believe it has a high chance of success, but we sure aren't there yet!

[LyQaN]

1.more users will join and demand will increase slowly increasing price of bitcoin.
2.interaction with stores and existing banks will increase.
3.it may replace upto 50 percent of paper money .

[Thanasis]

If bitcoin becomes a legal currency,then definitely its user volume would go very high and also its rate would go very high as its demand increases.People would gain more confidence in buying bitcoins.Retailers would come forward to accept bitcoin as payment.In japan,after legalization,we saw thousands of retailers started to accept bitcoin payments.

Bitcoin would even become familiar to unknown people.But,if it gets legalized,then surely it would be taxed by government and we could no more enjoy tax free income from  bitcoin.

No doubt about it. Most people are scared and skeptical of what becomes of bitcoin if it gets banned or declared illegal mostly in their countries. However, seeing the other way round of country legalizing it will first and foremost generate awareness and then make the fearful ones be more relaxed at making use of their currency for their daily use if they wish, hence, the high demand.

Like you said everyone will start to use bitcoins the demand will increase which means price reach to maximum level,if someone holding the bitcoin they will be very happy because they will become millionaire.The bitcoin will become most valuable asset,but the problem is the government will charge taxes but its okay everyone will use bitcoin without any fear.And one important think there will be no banks if everyone start to use digital currency.

[BlueStackz]

will have High Demand and Fixed amount that mean price will up to moon

No doubt that the price will go up more and may be poor people will not be able to buy with high price. If bitcoin declares a legal currency then people will encourage and will join bitcoin without any contradiction. It will also be acceptable conventionally and openly in the cities markets and hopefully I think mega stores will give preference to bitcoin on fiat.

Big companies will also like bitcoin for payment purposes. It will be a great achievement of bitcoin when it became legalize.

[douglock]

will have High Demand and Fixed amount that mean price will up to moon

I agree. but bitcoin can not increase its price forever. In the end, bitcoin have to become stable so that it can become a real currency. However, the chance that bitcoin becomes a legal currency is very small. As you can see, there is only 21 millions bitcoin existing and it will make less than 21 millions people have 1 bitcoin. In my opinion, bitcoin is gold 2.0 and 21 million coins are not suitable for a planet which has 7 billion people

[truthstalker]

Wouldn't affect it too much. Really it is legal. It's not illegal in any countries I know of so the use of Bitcoin is legal world wide. Some businesses have been banned related to Bitcoin but bitcoin hasn't been banned itself.

[raven7886]

This surely tend will be increase the number of people using bitcoin, many companies receive bitcoin payments, and maybe even some colleges will provide a course on the development of internet technology that talks about bitcoin. Seems that's what happens if bitcoin is legalized in a country where I live. The point is definitely a country that has legalized bitcoin, bitcoin will be more popular and more closer to the community and the government will definitely provide the service agency that regulates / controls on using of bitcoin like in Japan.

According to me if that happened the face of world will got change and a lot of people’s problems will solves but the thing is bitcoin is illegal and that’s why people hope and pray that bitcoin become legal and they get profit from it for their future and their life. But I know one day that will happened must and people lives will change and earth will become full of happiness from everywhere.

Where on earth did you even get your info from, or you just feel like contributing without even being clear of what you are saying. Bitcoin is not illegal, I need to correct that first. The fact that some countries have declared it illegal in their place does not make it illegal globally and if you have been on the news, you should have known that like of Japan have adopted and started regulating it for usage by her citizens. So, you should change that opinion immediately.

After all, like you said, a global thing would really make it more valuable and those who are in the system now or before then, will reap the fruits most.

[w33man]

Everyone would like the bitcoin is accepted in all online and real stores and, as as mentioned in the title, what would happen if Bitcoin became a legal currency?

If this were to happen, then transaction will be a lot easier. Imagine for tourists, if you want to go to a different country, you need to exchange your cash to that country’s currency. But, if we use bitcoin then you don’t need to do that anymore.

[Awnar]

One of the possibility that might happen is that people can do an immediate transfer of funds without going through banks and other transfer procedure which sometimes restricts a person in sending from one country to another. It also saves people time since once you sent bitcoin to someone you don’t need to wait for hours or days to receive the amount, only just a few seconds and it will appear in your e-wallet.

[sirslayer]

Everyone would like the bitcoin is accepted in all online and real stores and, as as mentioned in the title, what would happen if Bitcoin became a legal currency?

If you are talking about bitcoin will be a legal currency to a certain country only then it would be the safest and the most convenient way of transactions because you are always bringing an amount in which anytime and anyday you could use it even in case of emergency plus it would become the safest because nowadays it not safe bringing money in the streets due to lot of bad people are always roaming in the streets that might steal not only your money and also your credits cards unlike bitcoin you will just bringing your username and passwords in your mind.

Well I have a confusion about it in some countries its already legal and people are going to use it easily and even they have a credit cards of bitcoin so if its legal in a country so what else is left to make it more legal because it’s a digital currency and people are doing daily trade as well in bitcoin so I think its already legal in countries but if some countries it’s not legal I think it will be legal there soon.

[DU18]

Bitcoin has been called illegal from some countries and many people are avoiding bitcoin for this.If bitcoin became legal currency then it will help bitcoin to spread more.And many people will show interest to invest in bitcoin.Also bitcoin will be more strong and it will be used by people from all over the world.

[bitcoinrays]

From the info I have, there are handful of countries that think about Bitcoin an illegal forex. Additionally, it would not make a lot big difference if a more substantial quantity of nations around the world came to declare the forex as unlawful, because Bitcoin was developed to perform exterior the realm of governments, banking institutions or any other centralized establishments.

The info you have is not totally correct as there are just few countries that have declared bitcoin as illegal, few have adopted it, while most are yet to state their opinion but that does not make it illegal. You can make use of this for reference https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
It is a good thing that bitcoin is disrupting the financial system and that is what makes it valuable and government won't just have a choice than to eventually join the train.

[FLoving]

From the info I have, there are handful of countries that think about Bitcoin an illegal forex. Additionally, it would not make a lot big difference if a more substantial quantity of nations around the world came to declare the forex as unlawful, because Bitcoin was developed to perform exterior the realm of governments, banking institutions or any other centralized establishments.

The info you have is not totally correct as there are just few countries that have declared bitcoin as illegal, few have adopted it, while most are yet to state their opinion but that does not make it illegal. You can make use of this for reference https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
It is a good thing that bitcoin is disrupting the financial system and that is what makes it valuable and government won't just have a choice than to eventually join the train.

I will support your opinion regarding declaring bitcoin legal by majority of the developed states and only few has declared it illegal and that also just because they are afraid of giving complete power to their public over their wealth. These are usually those countries who are having corrupt government. Bitcoin is basically public currency and those who want to control people are never going to make it legal.

[faceoff97]

Everyone would like the bitcoin is accepted in all online and real stores and, as as mentioned in the title, what would happen if Bitcoin became a legal currency?

I think there is no need for bitcoin to be legal in a country, the government will just make things complicated because ploitician will have their own personal interest. I just love how bitcoin works in our coubtry, its not legal but it is accepted as a form of payment. It works well without government interference. But if government would help the crypto become develop and advance, then maybe that would be a good advantage of becoming legal.

[nethan1btc]

Everyone would like the bitcoin is accepted in all online and real stores and, as as mentioned in the title, what would happen if Bitcoin became a legal currency?

I think there is no need for bitcoin to be legal in a country, the government will just make things complicated because ploitician will have their own personal interest. I just love how bitcoin works in our coubtry, its not legal but it is accepted as a form of payment. It works well without government interference. But if government would help the crypto become develop and advance, then maybe that would be a good advantage of becoming legal.

Yes it will be good if that could be happened.  The rumors about bitcoin being illegal will be changed and those who are hesitant to use or join Bitcoin economy will adopt bitcoin since for them it is safe to be involved with it since government finally acknowledge bitcoin.  We can see in the economy of Bitcoin and then price will certainly goes up but tax will be implemented.